839.51/4532
The Dominican Legation to the Department of State
undated
[Translation]
Suggested Changes in the Dominican Project for the New Dominican-American Convention
- 1.
- —The funds collected by the customhouses shall be deposited daily
in the Branch Banks or Agencies of the National City Bank of New
York in the Dominican Republic or of such bank as may be designated
by mutual agreement between the Fiscal Agent and the Dominican
Government. In accordance with law no. … passed by the Congress of
the Dominican Republic under date of … the Bank which is the
depositary of the funds collected by the customhouses of the
Dominican Republic shall set aside in a special account which shall
be called . . . . . . percent of the gross funds yielded by the
customhouses, which funds shall be exclusively for discharging the
service on the debt in the manner expressed below:
- a)
- For the payment of the office expenses of the Fiscal Representative of the debt;
- b)
- For the payment of the interest on all pending bonds;
- c)
- For the payment of the annual sums designated for the amortization of the said bonds, in accordance with the arrangements now in force, including the interest on all the bonds which are held as an amortization fund;
- d)
- For the purchase and cancellation or withdrawal of any of the said bonds in conformity with the terms thereof.
- 2.
- —The Foreign Bondholders Protective Council shall appoint a Fiscal Representative for the collection of the Dominican public debt and the bank designated by both parties as depositary shall deliver to the said Fiscal Representative on the 20th day of each natural month a sum equal to the 12th part of the annual interest on all the bonds issued and of the amounts designated for the amortization of the said bonds, in accordance with the agreements in force with the bondholders. In his turn the Fiscal Representative shall make delivery of the said sum to the Fiscal Agent of the loan.
- 3.
- —The Dominican Government, with a view to opening a better market to its bonds, agrees to provide, in accordance with law no. … of the Congress of the Dominican Republic, under date of … that, of the total of all the customs receipts and internal revenues, any sum in excess of $ . . . . . shall be assigned to the amortization fund for the purchase of its bonds on open market or by auction, as may be provided by the said Government.